Betting news reports how Ohio’s gambling scene has witnessed a fascinating trend: even during its slowest month of 2024, the state managed to maintain an impressive handle above $600 million for the ninth consecutive month. As the NFL season approaches, expectations are high for increased betting activity, particularly on the Cleveland Browns and Cincinnati Bengals.
In May, Ohio sportsbooks saw a total of $612.7 million in wagers. While this marks the lowest sports betting activity for the state this year, it still represents a substantial 36.9% increase compared to May 2023. The Ohio Casino Control Commission’s latest figures reveal that since the launch of legal sports betting in January 2023, Ohio has amassed an astounding $11.3 billion in total bets.
The month of May saw a slight decline in both handle and revenue compared to April. Nevertheless, Ohio sportsbooks still achieved an 11% hold percentage, consistent with the previous month. This consistency in hold percentage is a testament to the robust and stable online gambling environment in the Buckeye State. May’s operator winnings totaled $67.4 million, although the combined hold percentage of 11% was two percentage points lower than May 2023’s 13%.
Sports betting revenue in Ohio is taxed at 20% per Governor Mike DeWine’s FY2024-2025 budget changes. This taxation rate brought in an estimated $13.5 million in taxes from May’s wagering activity alone. Cumulatively, Ohio sportsbooks have generated over $210 million in tax revenue for the state, underscoring the industry’s significant financial impact.
Beyond sports betting, Ohio’s casino gaming sector also performed admirably. Year-to-date, gamblers in Ohio have wagered $421.5 million at casinos, with $84.6 million of that total coming in May, the second-highest monthly total for 2024. The state’s four casinos saw a fairly even distribution of action.
As Ohio gears up for the upcoming NFL season, the sports betting landscape is expected to heat up significantly. The Cleveland Browns and Cincinnati Bengals are two teams that draw heavy betting interest. With the NFL season being a peak period for betting online, Ohio sportsbooks are poised to see a surge in activity.
For betting news, odds analysis, and more, visit Point Spreads Sports Magazine.
